Global Dividend Growers Income Fund announces an Equity Buyback.
April 20, 2016 at 12:00 am EDT
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Global Dividend Growers Income Fund (TSX:GDG.UN) announces a share repurchase program. Under the program, the company will repurchase up to 961,048 units. The company will repurchase its shares through the facilities of the Toronto Stock Exchange. The company may not, in any 30 day period, purchase more than 192,259 units, being 2% of the units issued and outstanding. The shares repurchased will be held in treasury for resale. The program will commence on April 23, 2016 and will run until April 22, 2017. At April 12, 2016, the company had 9,612,986 units issued and outstanding.
The company received approval from the Toronto Stock Exchange to make the repurchases.
Global Dividend Growers Income Fund (the Fund) is a closed-end investment fund. The investment objectives of the Fund are to provide unitholders with stable monthly cash distributions and to grow distributions over time and enhance long-term total return through capital appreciation of the Fund's investment portfolio. The Fund invests approximately 30% and till approximately 70% of its assets in an equally weighted passively managed diversified portfolio consisting of the equity securities of publicly listed issuers by market capitalization globally, which have exhibited cumulative dividend growth of approximately 10% over the five-year period ending on the date prior to the date of re-balancing, as well as an indicated dividend yield of approximately 3%. The Fund invests in a range of sectors, such as technology, utilities, consumer discretionary, financials, healthcare, communication services, consumer staples, and industrials. Middlefield Limited is the manager of the Fund.
GLOBAL DIVIDEND GROWERS INCOME FUND 
